{"id":11829,"date":"2019-03-06T11:11:12","date_gmt":"2019-03-06T19:11:12","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11829"},"modified":"2019-02-27T14:44:16","modified_gmt":"2019-02-27T22:44:16","slug":"how-millennial-families-are-keeping-the-homeownership-dreams-alive-in-pricey-canadian-cities","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/03\/how-millennial-families-are-keeping-the-homeownership-dreams-alive-in-pricey-canadian-cities\/","title":{"rendered":"How Millennial Families are Keeping the Homeownership Dreams Alive in Pricey Canadian Cities"},"content":{"rendered":"<p style=\"text-align: justify;\">From managing to come up with a downpayment, to qualifying for a mortgage in an era of rising interest rates and tougher lending rules, families are facing high barriers to owning a home in major Canadian cities.<\/p>\n<p style=\"text-align: justify;\">So how are some managing to keep the dream of homeownership alive? A new report, the fruit of a partnership between Sotheby\u2019s International Realty Canada and pollsters the Mustel Group, provides some insights.<\/p>\n<p style=\"text-align: justify;\">The Modern Family Home Ownership Trends report includes the results of a survey of families living in the Calgary, Montreal, Toronto and Vancouver areas with adults aged 20 to 45. That roughly translates to urban Millennial or young-Gen X households, both renters and owners.<\/p>\n<p style=\"text-align: justify;\">With the study, Sotheby\u2019s International Realty Canada CEO Brad Henderson suggests his company wants to \u201cbring at least some specificity\u201d to the ongoing dialogue about modern homebuyers. \u201cUnderstanding who they are, where they are, what their views are, and how they are approaching home ownership is important to our company now and in the future,\u201d he tells Livabl.<\/p>\n<p style=\"text-align: justify;\">A key part of that, then, is how younger households are managing to buy property in some of the country\u2019s priciest markets. One thing that surprised Henderson about the results was that there weren\u2019t more getting help from their parents, or the Bank of Mom and Dad.<\/p>\n<p style=\"text-align: justify;\">Some 52 percent of survey respondents used a financial gift or money from an inheritance to make up at least part of a downpayment.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile the number of times that it happened was large\u2026 we would\u2019ve thought it was higher and we would\u2019ve thought that the amount was higher as well,\u201d says Henderson.<\/p>\n<p style=\"text-align: justify;\">He\u2019s referring to the fact that only for 17 percent of respondents did the gift or inheritance make up 30 percent or more of their downpayment.<\/p>\n<p style=\"text-align: justify;\">\u201cSo what we took away from that somewhat encouragingly was that this group\u2026 is finding a way to be able to finance a good portion of this downpayment and therefore their payments thereafter on their own. It is not totally the Bank of Mom and Dad as a lot of people had suspected,\u201d Henderson explains.<\/p>\n<p style=\"text-align: justify;\">While 12 percent of survey participants who have made a downpayment say they received a loan from family or friends, 71 percent put at least some personal savings or cash on hand towards it. Meantime, 25 percent say they tapped into an RRSP, and 16 percent were able to leverage proceeds from a previous real estate transaction.<\/p>\n<p style=\"text-align: justify;\">The survey results may be encouraging for homebuyer hopefuls. But one Toronto-based mortgage broker who Livabl spoke to says parents have been increasingly generous in the wake of higher interest rates and tougher mortgage qualification rules introduced last year.<\/p>\n<p style=\"text-align: justify;\">\u201cThe outskirts of Toronto or some of the smaller towns, I\u2019m not sure if it\u2019s the same case, but definitely in the Toronto market I\u2019m feeling parents\u2026 seem to be doing more gifts than they ever have,\u201d Drew Donaldson, managing partner and mortgage broker at SAFEBRIDGE Financial Group, tells Livabl.<\/p>\n<p style=\"text-align: justify;\">Donaldson says that in the lower end of the Toronto market \u2014 he pegs this at $500,000 to around $800,000 \u2014 you\u2019ll see $50,000 to $100,000 gifts but that the generosity isn\u2019t limited to this segment.<\/p>\n<p style=\"text-align: justify;\">He\u2019s seen gifts of up to $500,000 in some cases for homes that are over $2 million.<\/p>\n<p style=\"text-align: justify;\">\u201cI\u2019m seeing high-income earners that are needing their parents to co-sign to get them approved and they\u2019re buying like $2-million houses, which is a little crazy, right?\u201d he says.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/02\/millennial-families-homeownership-dreams-alive-canadian-cities.html\" target=\"_blank\" rel=\"noopener noreferrer\">Here&#8217;s How Millennial Families are Keeping Their Homeownership Dreams Alive in Pricey Canadian Cities<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>From managing to come up with a downpayment, to qualifying for a mortgage in an era of rising interest rates and tougher lending rules, families are facing high barriers to &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/03\/how-millennial-families-are-keeping-the-homeownership-dreams-alive-in-pricey-canadian-cities\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-11829","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Millennial Families are Keeping the Homeownership Dreams Alive in Pricey Canadian Cities &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/03\/how-millennial-families-are-keeping-the-homeownership-dreams-alive-in-pricey-canadian-cities\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How Millennial Families are Keeping the Homeownership Dreams Alive in Pricey Canadian Cities &#8226; 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